Source – zerohedge.com
– “…This is an unprecedented event,” said Susan Wachter, professor of real estate and finance at the Wharton School of the University of Pennsylvania in comments last month. She also points out another way the current crisis is different from the 2008 GFC: “The great financial crisis happened over a number of years. This is happening in a matter of months – a matter of weeks.”
‘Tidal Wave’ Of Delinquent Mortgages Set To Surpass Great Recession
With nearly 4 million homeowners in some type of mortgage forbearance plan – representing 7.54% of all mortgages, delinquencies are set to eclipse the great recession which peaked at 10%.
According to a new report from UK-based forecasting firm Oxford Economics, 15% of homeowners will fall behind on their monthly mortgage payments in a ‘tidal wave’ of delinquencies.
Sttimulus legislation signed by President Donald Trump allows any borrower with a federally-backed…
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